Total: Second Quarter and First Half 2018 Results
Total: Second Quarter and First Half 2018 Results
Total
| Â | Â | 2Q18 | Â |
Change vs 2Q17 |
 | 1H18 |  |
Change vs 1H17 |
| Â | Â | Â | Â | |||||
| Adjusted net income (Group share)1 | ||||||||
| - in billions of dollars (B$) | 3.6 | 44% | 6.4 | +28% | ||||
| - in dollars per share | 1.31 | 36% | 2.41 | +22% | ||||
| Â | ||||||||
| DACF9 (B$) | 6.8 | 22% | 12.5 | +19% | ||||
| Cash flow from operations (B$) | 6.2 | 35% | 8.3 | -11% | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Net income (Group share) of 3.7 B$ in 2Q18, an 83% increase compared to 2Q17 | ||||||||
| Net-debt-to-capital ratio of 16.5% at June 30, 2018 | ||||||||
| Hydrocarbon production of 2,717 kboe/d in 2Q18, an increase of 8.7% compared to 2Q17 | ||||||||
| Ex-dividend date for second interim 2018 dividend of 0.64 €/share on December 18, 2018 | ||||||||
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 25, 2018, to review the Group’s second quarter 2018 accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
« Oil prices continued to increase, averaging 74 $/b in the second
quarter, supported notably by inventory reductions and geopolitical
tensions. Total benefited fully from this by remaining focused on
operational efficiency: adjusted net income was $3.6 billion, a 44%
increase from a year ago, and the return on equity for the past 12
months rose to 10.9%. In line with objectives for the year, the Group
generated $6.8 billion of cash flow (DACF) in the second quarter 2018,
an increase of 20% compared to the first quarter, while oil prices
increased by only 11%. Discipline on spending is resolutely maintained
and the organic pre-dividend breakeven continues to decrease, to less
than 25 $/b in the quarter.
Production strongly increased by
8.7% from a year ago to 2.7 Mboe/d, due to the contribution from Maersk
Oil and the ramp up of new projects, including Yamal LNG, Moho Nord and
Fort Hills. Adjusted net operating income from Exploration & Production
doubled from a year ago to $2.7 billion in the second quarter 2018, and
the segment generated $5.1 billion of cash flow in the same period.
Total also launched the development of the Zinia 2 project in Angola,
after reducing the cost by more than 50%.
The Group is
continuing to actively expand along the gas and electricity value chain.
Total became the second-largest player in the fast growing global LNG
industry by finalizing the acquisition of Engie LNG. The Group also
announced its entry with a 10% stake in the giant Arctic 2 LNG project
in Russia. In addition, it finalized the acquisition of 73% of Direct
Energie to accelerate the downstream integration in the gas-electricity
chain, and it launched an offer for the remaining shares.
In
an environment with European refining margins of 35 $/t, the Downstream
generated $1.7 billion of cash flow in the second quarter, in line with
the objective for the year. Notably, Marketing & Services continues to
deliver steady and profitable growth. The Group is preparing for its
future in petrochemicals by launching studies for a new giant complex
integrated into the SATORP refinery with Saudi Aramco and a new project
in Algeria with Sonatrach.
In line with the announced
shareholder return policy, the Group has bought back all the shares
issued during the year for the scrip dividend. In addition, it bought
back shares for $600 million to share with shareholders the benefit
realized from higher prices. »
Key figures1
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs 2Q17 |
 |
In millions of dollars, except effective tax rate,
earnings per share and number of shares |
 | 1H18 |  | 1H17 |  |
1H18
vs  |
| 4,179 | Â | 3,385 | Â | 2,748 | Â | +52% | Â | Adjusted net operating income from business segments | Â | 7,564 | Â | 5,515 | Â | +37% |
| 2,687 | Â | 2,183 | Â | 1,359 | Â | +98% | Â | Exploration & Production | Â | 4,870 | Â | 2,741 | Â | +78% |
| 193 | 115 | 95 | +103% | Gas, Renewables & Power | 308 | 156 | +97% | |||||||
| 821 | 720 | 861 | -5% | Refining & Chemicals | 1,541 | 1,884 | -18% | |||||||
| 478 | Â | 367 | Â | 433 | Â | +10% | Â | Marketing & Services | Â | 845 | Â | 734 | Â | +15% |
| 766 | Â | 637 | Â | 578 | Â | +33% | Â | Contribution of equity affiliates to adjusted net income | Â | 1,403 | Â | 1,169 | Â | +20% |
| 38.6% | Â | 39.9% | Â | 28.2% | Â | Â | Â | Group effective tax rate2 | Â | 39.2% | Â | 29.9% | Â | Â |
| 3,553 | Â | 2,884 | Â | 2,474 | Â | +44% | Â | Adjusted net income | Â | 6,437 | Â | 5,032 | Â | +28% |
| 1.31 | Â | 1.09 | Â | 0.97 | Â | +36% | Â | Adjusted fully-diluted earnings per share (dollars)3 | Â | 2.41 | Â | 1.98 | Â | +22% |
| 1.10 | Â | 0.89 | Â | 0.88 | Â | +25% | Â | Adjusted fully-diluted earnings per share (euros)* | Â | 1.99 | Â | 1.83 | Â | +9% |
| 2,646 | Â | 2,568 | Â | 2,485 | Â | +7% | Â | Fully-diluted weighted-average shares (millions) | Â | 2,608 | Â | 2,471 | Â | +6% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3,721 | Â | 2,636 | Â | 2,037 | Â | +83% | Â | Net income (Group share) | Â | 6,357 | Â | 4,886 | Â | +30% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3,787 | Â | 6,724 | Â | 4,205 | Â | -10% | Â | Investments4 | Â | 10,511 | Â | 7,883 | Â | +33% |
| 1,274 | Â | 2,585 | Â | 360 | Â | x3.5 | Â | Divestments5 | Â | 3,859 | Â | 3,258 | Â | +18% |
| 2,513 | Â | 4,139 | Â | 3,845 | Â | -35% | Â | Net investments6 | Â | 6,652 | Â | 4,625 | Â | +44% |
| 2,780 | Â | 2,620 | Â | 3,949 | Â | -30% | Â | Organic investments7 | Â | 5,400 | Â | 6,893 | Â | -22% |
| 333 | Â | 3,474 | Â | 52 | Â | x6.4 | Â | Resource acquisitions | Â | 3,807 | Â | 64 | Â | n.s. |
| 6,399 | Â | 5,370 | Â | 5,334 | Â | +20% | Â | Operating cash flow before working capital changes8 | Â | 11,769 | Â | 10,021 | Â | +17% |
| 6,797 | Â | 5,668 | Â | 5,581 | Â | +22% | Â |
Operating cash flow before working capital changes
w/o financial charges (DACF)9 |
 | 12,465 |  | 10,483 |  | +19% |
| 6,246 | Â | 2,081 | Â | 4,640 | Â | +35% | Â | Cash flow from operations | Â | 8,327 | Â | 9,341 | Â | -11% |
* Average €-$ exchange rate: 1.1915 in the second quarter 2018 and 1.2104 in the first half 2018.
Highlights since the beginning of the second quarter 201810
- Engie LNG acquisition closed July 13, 2018: Total becomes world No.2 in LNG
- Finalized acquisition of 73% of Direct Energie and launched mandatory public offer for remaining shares
- Expanded partnership with Novatek through the Arctic 2 LNG project in Russia
- Strengthened presence in deep-offshore Gulf of Mexico by increasing interest in the North Platte discovery to 60% and the Anchor discovery to 32.5%
- Launched the Zinia 2 project on Block 17 in Angola
- Strengthened cooperation with Sonatrach in Algeria by extending license for the TFT gas field and launched engineering studies for petrochemical project at Arzew
- Signed MOU with Saudi Aramco to build petrochemical complex at Jubail in Saudi Arabia
- Acquired 25% of Clean Energy to accelerate use of natural gas for heavy-duty trucks in the United States
- Expanding LNG as marine fuel in Singapore in the framework of cooperation with Pavillion
- Signed an agreement to sell interest in Dunkirk LNG terminal
Analysis of business segments
Exploration & Production
> Environment – liquids and gas price realizations*
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 |  |  | 1H18 |  | 1H17 |  |
1H18
vs 1H17 |
| 74.4 | Â | 66.8 | Â | 49.6 | Â | +50% | Â | Brent ($/b) | Â | 70.6 | Â | 51.7 | Â | +37% |
| 69.5 | Â | 60.4 | Â | 45.1 | Â | +54% | Â | Average liquids price ($/b) | Â | 65.3 | Â | 47.1 | Â | +39% |
| 4.49 | Â | 4.73 | Â | 3.93 | Â | +14% | Â | Average gas price ($/Mbtu) | Â | 4.61 | Â | 4.01 | Â | +15% |
| 54.3 | Â | 47.3 | Â | 35.5 | Â | +53% | Â | Average hydrocarbon price ($/boe) | Â | 50.9 | Â | 36.7 | Â | +39% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | Hydrocarbon production |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 2,717 | Â | 2,703 | Â | 2,500 | Â | +9% | Â | Combined production (kboe/d) | Â | 2,710 | Â | 2,534 | Â | +7% |
| 1,582 | Â | 1,481 | Â | 1,298 | Â | +22% | Â | Liquids (kb/d) | Â | 1,532 | Â | 1,300 | Â | +18% |
| 6,176 | Â | 6,664 | Â | 6,500 | Â | -5% | Â | Gas (Mcf/d) | Â | 6,419 | Â | 6,696 | Â | -4% |
Hydrocarbon production was 2,717 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2018, an increase of close to 9% compared to the second quarter 2017, due to:
- +7% due to new project start-ups and ramp-ups, notably Moho Nord, Yamal LNG, Edradour-Glenlivet, Kashagan, Fort Hills, Timimoun and Libra;
- +6% portfolio effect, mainly due to the integration of Al-Shaheen in Qatar, the Maersk Oil assets, Waha in Libya, and Lapa and Iara in Brazil, which were partially offset by the expiration of the Mahakam permit in Indonesia at the end of 2017;
- -4% due to heavier seasonal maintenance activity, the PSC price effect and natural field decline.
In the first half 2018, hydrocarbon production was 2,710 kboe/d, an increase of 7% compared to the first half 2017, due to:
- +7% due to new project start-ups and ramp-ups, notably Moho Nord, Yamal LNG, Edradour-Glenlivet, Kashagan, Fort Hills and Libra;
- +3% portfolio effect, mainly due to the integration of Al-Shaheen in Qatar, the Maersk Oil assets, Waha in Libya, and Lapa and Iara in Brazil, which were partially offset by the expiration of the Mahakam permit in Indonesia at the end of 2017;
- -3% due to heavier seasonal maintenance activity, the PSC price effect and natural field decline.
> Results
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | In millions of dollars, except effective tax rate |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 2,687 | Â | 2,183 | Â | 1,359 | Â | +98% | Â | Adjusted net operating income* | Â | 4,870 | Â | 2,741 | Â | +78% |
| 575 | Â | 446 | Â | 373 | Â | +54% | Â | including income from equity affiliates | Â | 1,021 | Â | 688 | Â | +48% |
| 46.3% | Â | 48.1% | Â | 36.2% | Â | Â | Â | Effective tax rate** | Â | 47.1% | Â | 39.3% | Â | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2,980 | Â | 5,871 | Â | 3,448 | Â | -14% | Â | Investments | Â | 8,851 | Â | 6,084 | Â | +45% |
| 500 | Â | 2,251 | Â | 132 | Â | x3.8 | Â | Divestments | Â | 2,751 | Â | 245 | Â | x11.2 |
| 2,114 | Â | 2,057 | Â | 3,296 | Â | -36% | Â | Organic investments | Â | 4,171 | Â | 5,802 | Â | -28% |
| 5,115 | Â | 4,265 | Â | 3,580 | Â | +43% | Â | Operating cash flow before working capital changes *** | Â | 9,380 | Â | 6,916 | Â | +36% |
| 4,628 | Â | 3,569 | Â | 2,836 | Â | +63% | Â | Cash flow from operations *** | Â | 8,197 | Â | 5,637 | Â | +45% |
* Details of adjustment items are shown in the business segment
information annex to financial statements.
** Tax on
adjusted net operating income / (adjusted net operating income - income
from equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income).
***
excluding financial charges
Exploration & Production adjusted net operating income was:
- 2,687 M$ in the second quarter 2018, or practically double the second quarter 2017. The Group benefited fully from the increase in hydrocarbon prices, thanks to higher production and lower costs, despite an increase in tax rates over the year to 46.3% in line with increasing hydrocarbon prices.
- 4,870 M$ in the first half 2018, an increase of 78% compared to the first half 2017, for the same reasons.
Operating cash flow before working capital changes was 5.1 B$ in the second quarter 2018 and 9.4 B$ in the first half, an increase of 43% and 36%, respectively. Exploration & Production generated 5.2 B$ of cash flow after organic investments in the first half 2018.
Gas, Renewables & Power
> Results
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | In millions of dollars |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 193 | Â | 115 | Â | 95 | Â | +103% | Â | Adjusted net operating income* | Â | 308 | Â | 156 | Â | +97% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 79 | Â | 249 | Â | 77 | Â | +3% | Â | Investments | Â | 328 | Â | 392 | Â | -16% |
| 405 | Â | 78 | Â | 23 | Â | x17.6 | Â | Divestments | Â | 483 | Â | 27 | Â | x17.9 |
| 60 | Â | 77 | Â | 68 | Â | -12% | Â | Organic investments | Â | 136 | Â | 170 | Â | -20% |
| 177 | Â | 49 | Â | 124 | Â | +43% | Â | Operating cash flow before working capital changes** | Â | 226 | Â | 159 | Â | +42% |
| 104 | Â | (179) | Â | (100) | Â | n.s. | Â | Cash flow from operations** | Â | -75 | Â | 40 | Â | n.s. |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** excluding
financial charges
Adjusted net operating income for Gas, Renewables & Power was 193 M$ in the second quarter 2018 and 308 M$ in the first half 2018, thanks to an increased contribution from the gas business and better performance from new energies.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 |  |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 1,734 | Â | 1,832 | Â | 1,672 | Â | +4% | Â | Total refinery throughput (kb/d) | Â | 1,784 | Â | 1,796 | Â | -1% |
| 569 | Â | 624 | Â | 574 | Â | -1% | Â | France | Â | 597 | Â | 600 | Â | -1% |
| 670 | 746 | 684 | -2% | Rest of Europe | 708 | 742 | -5% | |||||||
| 495 | Â | 462 | Â | 414 | Â | +20% | Â | Rest of world | Â | 479 | Â | 454 | Â | +6% |
| 83% | Â | 87% | Â | 81% | Â | Â | Â | Utlization rate based on crude only** | Â | 85% | Â | 86% | Â | Â |
* Includes share of TotalErg, and African refineries reported in the
Marketing & Services segment.
** Based on distillation
capacity at the beginning of the year.
Refinery throughput:
- increased by 4% in the second quarter 2018 compared to the second quarter 2017, notably as a result of higher throughput at SATORP after debottlenecking increased its capacity by more than 10%.
- stable in the first half 2018 compared to the first half 2017. Lower throughput in Europe linked to planned maintenance, notably at Antwerp, was offset by higher throughput in the rest of the world.
> Results
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 |
In millions of dollars
except the ERMI |
 | 1H18 |  | 1H17 |  |
1H18
vs |
| 34.7 | Â | 25.6 | Â | 41.0 | Â | -15% | Â | European refining margin indicator - ERMI ($/t) | Â | 30.1 | Â | 40.0 | Â | -25% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 821 | Â | 720 | Â | 861 | Â | -5% | Â | Adjusted net operating income* | Â | 1,541 | Â | 1,884 | Â | -18% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 404 | Â | 332 | Â | 401 | Â | +1% | Â | Investments | Â | 736 | Â | 667 | Â | +10% |
| 324 | Â | 25 | Â | 20 | Â | x16.2 | Â | Divestments | Â | 349 | Â | 2,760 | Â | -87% |
| 386 | Â | 308 | Â | 381 | Â | +1% | Â | Organic investments | Â | 694 | Â | 603 | Â | +15% |
| 1,018 | Â | 920 | Â | 1,347 | Â | -24% | Â | Operating cash flow before working capital changes** | Â | 1,938 | Â | 2,378 | Â | -19% |
| 999 | Â | (1,109) | Â | 1,967 | Â | -49% | Â | Cash flow from operations** | Â | (110) | Â | 3,729 | Â | n.s. |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** excluding
financial charges
The Group’s European refining margin indicator (ERMI) decreased by 15% from a year ago to 34.7 $/t in the second quarter 2018, and it decreased by 25% from a year ago to 30.1 $/t for the first half 2018. Petrochemical margins continue to benefit from a favorable environment, notably in the United States and Asia-Middle East, but margins in Europe were lower compared to a year ago mainly due to an increase in feedstock prices.
In this context, Refining & Chemicals adjusted net operating income was:
- 821 M$ in the second quarter 2018, a decrease of 5% compared to the second quarter 2017.
- 1,541 M$ in the first half 2018, a decrease of 18% compared to the first half 2017.
Marketing & Services
> Petroleum product sales
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | Sales in kb/d* |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 1,799 | Â | 1,801 | Â | 1,760 | Â | +2% | Â | Total Marketing & Services sales | Â | 1,800 | Â | 1,744 | Â | +3% |
| 1,001 | Â | 993 | Â | 1,039 | Â | -4% | Â | Europe | Â | 997 | Â | 1,039 | Â | -4% |
| 798 | Â | 808 | Â | 721 | Â | +11% | Â | Rest of world | Â | 803 | Â | 705 | Â | +14% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
Petroleum product sales:
- increased by 2% in the second quarter 2018 compared to the second quarter 2017, despite the sale of TotalErg in Italy, due to growth in the business, notably in Asia and Africa.
- increased by 3% in the first half 2018 compared to the first half 2017 for the same reasons.
> Results
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | In millions of dollars |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 478 | Â | 367 | Â | 433 | Â | +10% | Â | Adjusted net operating income* | Â | 845 | Â | 734 | Â | +15% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 310 | Â | 228 | Â | 258 | Â | +20% | Â | Investments | Â | 538 | Â | 697 | Â | -23% |
| 45 | Â | 228 | Â | 182 | Â | -75% | Â | Divestments | Â | 273 | Â | 218 | Â | +25% |
| 205 | Â | 136 | Â | 185 | Â | +11% | Â | Organic investments | Â | 342 | Â | 280 | Â | +22% |
| 646 | Â | 430 | Â | 624 | Â | +4% | Â | Operating cash flow before working capital changes** | Â | 1,076 | Â | 1,053 | Â | +2% |
| 841 | Â | -60 | Â | 251 | Â | x3.4 | Â | Cash flow from operations** | Â | 781 | Â | 582 | Â | +34% |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** excluding
financial charges
Adjusted net operating income for the Marketing & Services segment was:
- 478 M$ in the second quarter 2018, an increase of 10% compared to the second quarter 2017, due to volume growth in a context of favorable margins, notably in Africa.
- 845 M$ in the first half 2018, a 15% increase compared to the first half 2017, for the same reasons.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
- 4,179 M$ in the second quarter 2018, a 52% increase compared to the second quarter 2017, essentially due to the strong performance of Exploration & Production, which doubled its contribution compared to a year ago, thanks to increasing production in a context of higher hydrocarbon prices and lower costs.
- 7,564 M$ in the first half 2018, a 37% increase compared to the first half 2017 for the same reasons.
> Adjusted net income (Group share)
Adjusted net income was:
- 3,553 M$ in the second quarter 2018, an increase of 44% compared to the second quarter 2017, essentially due to 52% increase in the contribution of the segments, partially offset by higher net cost of net debt, mainly due to an increase in dollar interest rates.
- 6,437 M$ in the first half 2018, a 28% increase compared to the first half 2017 for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value9.
Total adjustments affecting net income10 were:
- 168 M$ in the second quarter 2018.
- -80 M$ in the first half 2018.
The effective tax rate for the Group was:
- 38.6% in the second quarter 2018, compared to 28.2% a year ago, due to the increase in the effective tax rate for Exploration & Production, in line with higher hydrocarbon prices, and the larger contribution of this segment to the Group’s results this quarter.
- 39.2% in the first half 2018, compared to 29.9% in the first half 2017, for the same reasons.
> Adjusted fully-diluted earnings per share and share buyback
Adjusted earnings per share:
- increased by 36% to $1.31 in the second quarter 2018, calculated based on a weighted average of 2,646 million fully-diluted shares, from $0.97 in the second quarter 2017.
- increased by 22% to $2.41 in the first half 2018, calculated based on a weighted average of 2,608 million fully-diluted shares, from $1.98 in the first half 2017.
On June 30, 2018, the number of fully-diluted shares was 2,644 million.
Within the framework of the shareholder return policy announced in February 2018, the Group bought back shares for cancellation. The buyback is comprised of repurchasing shares issued as scrip dividend to eliminate dilution and additional shares to share with shareholders the benefit resulting from higher oil prices.
- 18.6 million shares repurchased in the second quarter 2018, including additional shares for 299 M$;
- 28.4 million shares repurchased in the first half 2018, including additional shares for 589 M$.
> Divestments – acquisitions
Asset sales:
- 693 M$ completed in the second quarter 2018, comprised mainly of SunPower’s sale of its interest in 8point3, and the sale of the Bayport (US) polyethylene plant to the joint venture formed with Borealis and Nova in which Total holds 50%.
- 2,862 M$ completed in the first half 2018, comprised mainly of the items above plus the high-cost Martin Linge field in Norway, an interest in Fort Hills in Canada and the marketing activities of TotalErg in Italy.
Acquisitions:
- 426 M$ completed in the second quarter 2018, comprised mainly of offshore assets from Cobalt in the Gulf of Mexico, notably including 20% interest in the North Platte and Anchor discoveries, and an interest in Clean Energy in the United States to expand into marketing natural gas for vehicles.
- 4,114 M$ completed in the first half 2018, comprised mainly of the items above plus interests in the Iara and Lapa fields in Brazil, two new 40-year concessions in offshore Abu Dhabi, and the Waha field in Libya.
> Net cash flow
The Group’s net cash flow11 was:
- 3,886 M$ in the second quarter 2018 compared to 1,489 M$ in the second quarter 2017, thanks mainly to a 20% increase in operating cash flow before working capital changes.
- 5,117 M$ in the first half 2018 compared to 5,396 M$ in the first half 2017. Net investments increased by 2,027 M$ compared to the first half 2017 due to an increase in completed acquisitions, in line with the strategy of the Group to invest counter-cyclically in 2016-17. This well-timed investment effort was partially offset by a 1,748 M$ increase in operating cash flow before working capital changes.
> Profitability
Return on equity for the twelve months ended June 30, 2018, was 10.9%, an increase compared to the same period a year ago.
| In millions of dollars | Â |
July 1, 2017 to |
 |
April 1, 2017 to |
 |
January 1, 2017 |
| Adjusted net income | Â | 12,299 | Â | 11,150 | Â | 10,762 |
| Average adjusted shareholders' equity | Â | 113,251 | Â | 111,522 | Â | 106,078 |
| Return on equity (ROE) | Â | 10.9% | Â | 10.0% | Â | 10.1% |
Return on average capital employed was 10.1% for the twelve months ended June 30, 2018, an increase compared to the same period a year ago.
| In millions of dollars | Â |
July 1, 2017 to |
 |
April 1, 2017 to |
 |
January 1, 2017 |
| Adjusted net operating income | Â | 13,748 | Â | 12,428 | Â | 11,958 |
| Average capital employed | Â | 136,355 | Â | 136,384 | Â | 127,575 |
| ROACE | Â | 10.1% | Â | 9.1% | Â | 9.4% |
TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was 4,079 M€ in the first half 2018, compared to 1,460 M€ in the first half 2017.
2018 Sensitivities*
| Â | Â | Scenario | Â | Change | Â |
Estimated impact
net operating |
 |
Estimated |
| Dollar |  | 1.2 $/€ |  | +/- 0.1 $ per € |  | -/+ 0.1 B$ |  | ~0 B$ |
| Brent | Â | 50 $/b | Â | +/- 10 $/b** | Â | +/- 2.3 B$ | Â | +/- 2.8 B$ |
| European refining margin indicator (ERMI) | Â | 35 $/t | Â | +/- 10 $/t | Â | +/- 0.5 B$ | Â | +/- 0.6 B$ |
* Sensitivities are revised once per year upon publication of the
previous year’s fourth quarter results. Sensitivities are estimates
based on assumptions about the Group’s portfolio in 2018. Actual results
could vary significantly from estimates based on the application of
these sensitivities. The impact of the $-€ sensitivity on adjusted net
operating income is essentially attributable to Refining & Chemicals.
**
Assumes constant liquids price differentials.
Summary and outlook
Supported by inventory reductions and geopolitical tensions, Brent continued to trade at around 70 $/b at the start of the third quarter, despite the announced increase in production by OPEC. The Group, however, resolutely continues to implement programs to improve operational efficiency and to reduce its breakeven so as to remain profitable whatever the market context.
The Upstream is well positioned to take advantage of the increase in oil prices thanks to production growth which should be above 7% in 2018. It will benefit in the coming months from the start-ups of Kaombo, Tempa Rossa, Ichthys and Egina, which are all strong cash flow generators, as well as ramping production up at recent start-ups like Yamal LNG, Fort Hills and Timimoun.
Since the start of the third quarter, European refining margins have been around 35 $/t. While still favorable, petrochemical margins are lower in Europe compared to a year ago.
The cost reduction program is on track to surpass the $4 billion objective for the year and reach $4.2 billion of cost savings over the 2014-18 period. The Group confirms that investments (organic and net acquisitions) should be between $16-17 billion in 2018.
Conforming to the announced shareholder return policy, the Group will continue to buy back shares issued as scrip dividend to eliminate dilution. It will also continue to buy back additional shares for an amount of up to $5 billion over the period 2018-20.
-- -- --
To listen to the presentation by CFO Patrick de La Chevardière today at 14:30 (London time) please log on to total.com or call +44 (0) 330 336 9411 in Europe or +1 646 828 8143 in the United States (code: 6399441). For a replay, please consult the website or call +44 (0) 207 660 0134 in Europe or +1 719 457 0820 in the United States (code: 6399441).
* * * * *
Operating information by segment
> Exploration & Production
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 |
Combined liquids and gas
production by region (kboe/d) |
 | 1H18 |  | 1H17 |  |
1H18
vs |
| 842 | Â | 886 | Â | 746 | Â | +13% | Â | Europe and Central Asia | Â | 864 | Â | 776 | Â | +11% |
| 672 | 673 | 656 | +2% | Africa | 673 | 646 | +4% | |||||||
| 681 | 639 | 514 | +33% | Middle East and North Africa | 660 | 524 | +26% | |||||||
| 401 | 371 | 344 | +17% | Americas | 386 | 339 | +14% | |||||||
| 121 | Â | 134 | Â | 240 | Â | -49% | Â | Asia Pacific | Â | 128 | Â | 249 | Â | -49% |
| 2,717 | Â | 2,703 | Â | 2,500 | Â | +9% | Â | Total production | Â | 2,710 | Â | 2,534 | Â | +7% |
| 616 | Â | 724 | Â | 597 | Â | +3% | Â | including equity affiliates | Â | 670 | Â | 621 | Â | +8% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | Liquids production by region (kb/d) |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 332 | 299 | 266 | +25% | Europe and Central Asia | 315 | 268 | +17% | |||||||
| 511 | 503 | 505 | +1% | Africa | 507 | 495 | +2% | |||||||
| 539 | 501 | 376 | +43% | Middle East and North Africa | 520 | 384 | +36% | |||||||
| 190 | 165 | 126 | +51% | Americas | 177 | 126 | +41% | |||||||
| 11 | Â | 13 | Â | 26 | Â | -58% | Â | Asia Pacific | Â | 12 | Â | 28 | Â | -57% |
| 1,582 | Â | 1,481 | Â | 1,298 | Â | +22% | Â | Total production | Â | 1,532 | Â | 1,300 | Â | +18% |
| 233 | Â | 304 | Â | 244 | Â | -5% | Â | including equity affiliates | Â | 268 | Â | 254 | Â | +6% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | Gas production by region (Mcf/d) |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 2,754 | 3,157 | 2,592 | +6% | Europe and Central Asia | 2,954 | 2,740 | +8% | |||||||
| 772 | 857 | 679 | +14% | Africa | 815 | 696 | +17% | |||||||
| 787 | 761 | 763 | +3% | Middle East and North Africa | 774 | 776 | - | |||||||
| 1,192 | 1,158 | 1,223 | -3% | Americas | 1,175 | 1,197 | -2% | |||||||
| 671 | Â | 731 | Â | 1,243 | Â | -46% | Â | Asia Pacific | Â | 701 | Â | 1,287 | Â | -46% |
| 6,176 | Â | 6,664 | Â | 6,500 | Â | -5% | Â | Total production | Â | 6,419 | Â | 6,696 | Â | -4% |
| 2,026 | Â | 2,257 | Â | 1,829 | Â | +11% | Â | including equity affiliates | Â | 2,141 | Â | 1,921 | Â | +11% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | Liquefied natural gas |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 2.47 | Â | 2.50 | Â | 2.67 | Â | -7% | Â | LNG sales* (Mt) | Â | 4.97 | Â | 5.66 | Â | -12% |
* Sales, Group share, excluding trading; 2017 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2017 SEC coefficient.
> Downstream (Refining & Chemicals and Marketing & Services)
| 2Q18 | Â | 1Q18 | Â | 2Q17* | Â |
2Q18
vs |
 | Petroleum product sales by region (kb/d)** |  | 1H18 |  | 1H17* |  |
1H18
vs |
| 1,942 | Â | 1,902 | Â | 2,020 | Â | -4% | Â | Europe | Â | 1,922 | Â | 2,078 | Â | -7% |
| 652 | 754 | 610 | +7% | Africa | 703 | 587 | +20% | |||||||
| 802 | 760 | 654 | +23% | Americas | 781 | 615 | +27% | |||||||
| 644 | Â | 680 | Â | 774 | Â | -17% | Â | Rest of world | Â | 662 | Â | 765 | Â | -14% |
| 4,040 | Â | 4,096 | Â | 4,057 | Â | - | Â | Total consolidated sales | Â | 4,068 | Â | 4,045 | Â | +1% |
| 556 | Â | 570 | Â | 538 | Â | +3% | Â | Including bulk sales | Â | 563 | Â | 577 | Â | -2% |
| 1,685 | Â | 1,725 | Â | 1,759 | Â | -4% | Â | Including trading | Â | 1,705 | Â | 1,724 | Â | -1% |
* 2017 data restated.
**Includes share of TotalErg.
Adjustment items to net income (Group share)
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â | In millions of dollars | Â | 1H18 | Â | 1H17 |
| (358) | Â | (195) | Â | (108) | Â | Special items affecting net income (Group share) | Â | (553) | Â | 128 |
| (2) | Â | (101) | Â | 125 | Â | Gain (loss) on asset sales | Â | (103) | Â | 2,264 |
| (46) | (21) | (54) | Restructuring charges | (67) | (59) | |||||
| (236) | (12) | (32) | Impairments | (248) | (1,750) | |||||
| (74) | Â | (61) | Â | (147) | Â | Other | Â | (135) | Â | (327) |
| 517 | Â | (45) | Â | (310) | Â | After-tax inventory effect: FIFO vs. replacement cost | Â | 472 | Â | (255) |
| 9 | Â | (8) | Â | (19) | Â | Effect of changes in fair value | Â | 1 | Â | (19) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 168 | Â | (248) | Â | (437) | Â | Total adjustments affecting net income | Â | (80) | Â | (146) |
Investments - Divestments
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | In millions of dollars |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 2,780 | Â | 2,620 | Â | 3,949 | Â | -30% | Â | Organic investments | Â | 5,400 | Â | 6,893 | Â | -22% |
| 137 | 111 | 166 | -17% | capitalized exploration | 248 | 277 | -10% | |||||||
| 140 | 171 | 443 | -68% | increase in non-current loans | 311 | 601 | -48% | |||||||
| (581) | Â | (416) | Â | (153) | Â | x3.8 | Â | repayment of non-current loans | Â | (997) | Â | (340) | Â | x2.9 |
| 426 | Â | 3,688 | Â | 103 | Â | x4.1 | Â | Acquisitions | Â | 4,114 | Â | 650 | Â | x6.3 |
| 693 | Â | 2,169 | Â | 207 | Â | x3.3 | Â | Asset sales | Â | 2,862 | Â | 2,918 | Â | -2% |
| - | Â | - | Â | - | Â | - | Â | Other transactions with non-controlling interests | Â | - | Â | - | Â | - |
| 2,513 | Â | 4,139 | Â | 3,845 | Â | -35% | Â | Net investments | Â | 6,652 | Â | 4,625 | Â | +44% |
Cash flow
| 2Q18 | Â | 1Q18 | Â | 2Q17 | Â |
2Q18
vs |
 | In millions of dollars |  | 1H18 |  | 1H17 |  |
1H18
vs |
| 6,797 | Â | 5,668 | Â | 5,581 | Â | +22% | Â | Operating cash flow before working capital changes w/o financial charges (DACF) | Â | 12,465 | Â | 10,483 | Â | +19% |
| (398) | (298) | (247) | +61% | Financial charges | (696) | (462) | +51% | |||||||
| 6,399 | 5,370 | 5,334 | +20% | Operating cash flow before working capital changes (a) | 11,769 | 10,021 | +17% | |||||||
| (856) | (3,222) | (268) | n.s. | (Increase) decrease in working capital | (4,078) | (322) | n.s. | |||||||
| 703 | Â | (67) | Â | (426) | Â | n.s. | Â | Inventory effect | Â | 636 | Â | (358) | Â | n.s. |
| 6,246 | Â | 2,081 | Â | 4,640 | Â | +35% | Â | Cash flow from operations | Â | 8,327 | Â | 9,341 | Â | -11% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2,780 | Â | 2,620 | Â | 3,949 | Â | -30% | Â | Organic investments (b) | Â | 5,400 | Â | 6,893 | Â | -22% |
| 3,619 | Â | 2,750 | Â | 1,385 | Â | x2.6 | Â | Free cash flow after organic investments, w/o net asset sales (a-b) | Â | 6,369 | Â | 3,128 | Â | x2 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2,513 | Â | 4,139 | Â | 3,845 | Â | -35% | Â | Net investments (c) | Â | 6,652 | Â | 4,625 | Â | +44% |
| 3,886 | Â | 1,231 | Â | 1,489 | Â | x2.6 | Â | Net cash flow (a-c) | Â | 5,117 | Â | 5,396 | Â | -5% |
Gearing ratios
| In millions of dollars | Â | 06/30/2018 | Â | 03/31/2018 | Â | 06/30/2017 |
| Current borrowings | Â | 15,659 | Â | 14,909 | Â | 13,070 |
| Net current financial assets | (2,806) | (1,920) | (3,377) | |||
| Net financial assets classified as held for sale | 0 | 0 | (2) | |||
| Non-current financial debt | 38,362 | 40,257 | 41,548 | |||
| Hedging instruments of non-current debt | (967) | (1,154) | (558) | |||
| Cash and cash equivalents | Â | (26,475) | Â | (30,092) | Â | (28,720) |
| Net debt (a) | Â | 23,773 | Â | 22,000 | Â | 21,961 |
| Â | Â | Â | Â | Â | Â | Â |
| Shareholders’ equity - Group share | 117,975 | 121,187 | 107,188 | |||
| Non-controlling interests | Â | 2,288 | Â | 2,499 | Â | 2,772 |
| Shareholders' equity (b) | Â | 120,263 | Â | 123,686 | Â | 109,960 |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-equity ratio = a / b | Â | 19.8% | Â | 17.8% | Â | 20.0% |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-capital ratio = a / (a + b) | Â | 16.5% | Â | 15.1% | Â | 16.6% |
Return on average capital employed
> Twelve months ended June 30, 2018
| In millions of dollars | Â |
Exploration & |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Group |
| Adjusted net operating income | Â | 8,114 | Â | 637 | Â | 3,447 | Â | 1,787 | Â | 13,748 |
| Capital employed at 6/30/2017* | 108,618 | 5,363 | 10,957 | 6,937 | 130,831 | |||||
| Capital employed at 6/30/2018* | Â | 118,715 | Â | 4,442 | Â | 12,939 | Â | 7,040 | Â | 141,878 |
| ROACE | Â | 7.1% | Â | 13.0% | Â | 28.9% | Â | 25.6% | Â | 10.1% |
> Twelve months ended March 31, 2018
| In millions of dollars | Â |
Exploration & |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Group |
| Adjusted net operating income | Â | 6,786 | Â | 539 | Â | 3,487 | Â | 1,742 | Â | 12,428 |
| Capital employed at 03/31/2017* | 106,937 | 5,036 | 11,130 | 6,331 | 128,810 | |||||
| Capital employed at 03/31/2018* | Â | 119,035 | Â | 5,237 | Â | 13,428 | Â | 7,409 | Â | 143,957 |
| ROACE | Â | 6.0% | Â | 10.5% | Â | 28.4% | Â | 25.4% | Â | 9.1% |
> Twelve months ended June 30, 2017
| In millions of dollars | Â |
Exploration & |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Group |
| Adjusted net operating income | Â | 4,529 | Â | 479 | Â | 3,931 | Â | 1,584 | Â | 10,609 |
| Capital employed at 6/30/2016* | 107,405 | 4,622 | 12,249 | 5,789 | 129,635 | |||||
| Capital employed at 6/30/2017* | Â | 108,618 | Â | 5,363 | Â | 10,957 | Â | 6,937 | Â | 130,831 |
| ROACE | Â | 4.2% | Â | 9.6% | Â | 33.9% | Â | 24.9% | Â | 8.1% |
* At replacement cost (excluding after-tax inventory effect).
This document does not constitute the Financial Report for the first half of 2018 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monétaire et financier, and is available on the Total website total.com.
This press release presents the results for the second quarter and half-year 2018 from the consolidated financial statements of TOTAL S.A. as of June 30, 2018 (unaudited). The audit procedures by the Statutory Auditors are underway. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SECâ€).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:
(i) Special items
Due to
their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment
figures. In general, special items relate to transactions that are
significant, infrequent or unusual. However, in certain instances,
transactions such as restructuring costs or asset disposals, which are
not considered to be representative of the normal course of business,
may be qualified as special items although they may have occurred within
prior years or are likely to occur again within the coming years.
(ii)
Inventory valuation effect
The adjusted results of
the Refining & Chemicals and Marketing & Services segments are presented
according to the replacement cost method. This method is used to assess
the segments’ performance and facilitate the comparability of the
segments’ performance with those of its competitors.
In the
replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using
either the month-end price differentials between one period and another
or the average prices of the period rather than the historical value.
The inventory valuation effect is the difference between the results
according to the FIFO (First-In, First-Out) and the replacement cost.
(iii)
Effect of changes in fair value
The effect of changes
in fair value presented as an adjustment item reflects, for some
transactions, differences between internal measures of performance used
by TOTAL’s management and the accounting for these transactions under
IFRS.
IFRS requires that trading inventories be recorded at
their fair value using period-end spot prices. In order to best reflect
the management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations of
trading inventories based on forward prices.
Furthermore,
TOTAL, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in Group’s internal economic
performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves†or “resourcesâ€, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Adjusted results are defined as income using replacement
cost, adjusted for special items, excluding the impact of changes for
fair value; adjustment items are on page 11.
2 Tax on
adjusted net operating income / (adjusted net operating income – income
from equity affiliates – dividends received from investments –
impairment of goodwill. + tax on adjusted net operating income).
3
In accordance with IFRS norms, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the
perpetual subordinated bond
4 Including acquisitions and
increases in non-current loans.
5 Including divestments
and reimbursements of non-current loans.
6 Net
investments = investments - divestments - repayment of non-current loans
- other operations with non-controlling interests.
7
Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.
8
Operating cash flow before working capital changes, previously referred
to as adjusted cash flow from operations, is defined as cash flow from
operating activities before changes in working capital at replacement
cost. The inventory valuation effect is explained on page 14. The
reconciliation table for different cash flow figures is on page 12. 9
DACF = debt adjusted cash flow, is defined as operating cash flow before
working capital changes and financial charges.
10
Certain transactions referred to in the highlights are subject to
approval by authorities or to other conditions as per the agreements.
11
Details shown on page 11.
12 Details shown on page 11
and in the annex to the financial statements.
13 Net
cash flow = operating cash flow before working capital changes - net
investments (including other transactions with non-controlling
interests).
Total financial statements
_________________
Second quarter results and first half 2018 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) (a) | Â |
2nd quarter
2018 |
 |
1st quarter
2018 |
 |
2nd quarter
2017 |
| Sales | 52,540 | 49,611 | 39,915 | |||
| Excise taxes | (6,438) | (6,319) | (5,433) | |||
| Revenues from sales | 46,102 | 43,292 | 34,482 | |||
| Purchases, net of inventory variation | (30,599) | (29,446) | (23,398) | |||
| Other operating expenses | (6,761) | (6,937) | (6,106) | |||
| Exploration costs | (158) | (204) | (199) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,435) | (2,916) | (2,798) | |||
| Other income | 252 | 523 | 570 | |||
| Other expense | (413) | (190) | (106) | |||
| Financial interest on debt | (478) | (390) | (345) | |||
| Financial income and expense from cash & cash equivalents | (54) | (41) | (37) | |||
| Cost of net debt | (532) | (431) | (382) | |||
| Other financial income | 321 | 240 | 285 | |||
| Other financial expense | (159) | (170) | (159) | |||
| Net income (loss) from equity affiliates | 1,103 | 484 | 310 | |||
| Income taxes | Â | (2,087) | Â | (1,596) | Â | (472) |
| Consolidated net income | Â | 3,634 | Â | 2,649 | Â | 2,027 |
| Group share | 3,721 | 2,636 | 2,037 | |||
| Non-controlling interests | Â | (87) | Â | 13 | Â | (10) |
| Earnings per share ($) | Â | 1.38 | Â | 1.00 | Â | 0.79 |
| Fully-diluted earnings per share ($) | Â | 1.38 | Â | 0.99 | Â | 0.79 |
| (a) Except for per share amounts. |
| Â | Â | Â | ||||
| Â | ||||||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
2nd quarter
2018 |
 |
1st quarter
2018 |
 |
2nd quarter
2017 |
| Consolidated net income | Â | 3,634 | Â | 2,649 | Â | 2,027 |
| Other comprehensive income | ||||||
| Â | ||||||
| Actuarial gains and losses | 42 | 25 | 32 | |||
| Change in fair value of investments in equity instruments | (2) | 7 | - | |||
| Tax effect | (20) | 2 | (12) | |||
| Currency translation adjustment generated by the parent company | Â | (4,761) | Â | 2,131 | Â | 4,524 |
| Items not potentially reclassifiable to profit and loss | Â | (4,741) | Â | 2,165 | Â | 4,544 |
| Currency translation adjustment | 1,330 | (362) | (1,218) | |||
| Available for sale financial assets | - | - | 1 | |||
| Cash flow hedge | 77 | 178 | (79) | |||
| Variation of foreign currency basis spread | 2 | (29) | - | |||
| Share of other comprehensive income of equity affiliates, net amount | 36 | (168) | (794) | |||
| Other | (2) | - | (3) | |||
| Tax effect | Â | (27) | Â | (48) | Â | 30 |
| Items potentially reclassifiable to profit and loss | Â | 1,416 | Â | (429) | Â | (2,063) |
| Total other comprehensive income (net amount) | Â | (3,325) | Â | 1,736 | Â | 2,481 |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | 309 | Â | 4,385 | Â | 4,508 |
| Group share | 450 | 4,356 | 4,507 | |||
| Non-controlling interests | (141) | 29 | 1 |
| Â | Â | |||
| Â | ||||
| CONSOLIDATED STATEMENT OF INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) (a) | Â |
1st half
2018 |
 |
1st half
2017 |
| Sales | 102,151 | 81,098 | ||
| Excise taxes | (12,757) | (10,523) | ||
| Revenues from sales | 89,394 | 70,575 | ||
| Purchases, net of inventory variation | (60,045) | (47,385) | ||
| Other operating expenses | (13,698) | (12,272) | ||
| Exploration costs | (362) | (396) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6,351) | (7,377) | ||
| Other income | 775 | 2,895 | ||
| Other expense | (603) | (397) | ||
| Financial interest on debt | (868) | (676) | ||
| Financial income and expense from cash & cash equivalents | (95) | (48) | ||
| Cost of net debt | (963) | (724) | ||
| Other financial income | 561 | 513 | ||
| Other financial expense | (329) | (319) | ||
| Net income (loss) from equity affiliates | 1,587 | 858 | ||
| Income taxes | Â | (3,683) | Â | (1,165) |
| Consolidated net income | Â | 6,283 | Â | 4,806 |
| Group share | 6,357 | 4,886 | ||
| Non-controlling interests | Â | (74) | Â | (80) |
| Earnings per share ($) | Â | 2.39 | Â | 1.93 |
| Fully-diluted earnings per share ($) | Â | 2.38 | Â | 1.92 |
| (a) Except for per share amounts. |
| Â | Â | |||
| Â | ||||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) | Â |
1st half
2018 |
 |
1st half
2017 |
| Consolidated net income | Â | 6,283 | Â | 4,806 |
| Other comprehensive income | ||||
| Â | ||||
| Actuarial gains and losses | 67 | 158 | ||
| Change in fair value of investments in equity instruments | 5 | - | ||
| Tax effect | (18) | (53) | ||
| Currency translation adjustment generated by the parent company | Â | (2,630) | Â | 5,464 |
| Items not potentially reclassifiable to profit and loss | Â | (2,576) | Â | 5,569 |
| Currency translation adjustment | 968 | (1,418) | ||
| Available for sale financial assets | - | - | ||
| Cash flow hedge | 255 | 34 | ||
| Variation of foreign currency basis spread | (27) | - | ||
| Share of other comprehensive income of equity affiliates, net amount | (132) | (463) | ||
| Other | (2) | - | ||
| Tax effect | Â | (75) | Â | (9) |
| Items potentially reclassifiable to profit and loss | Â | 987 | Â | (1,856) |
| Total other comprehensive income (net amount) | Â | (1,589) | Â | 3,713 |
| Â | Â | Â | Â | Â |
| Comprehensive income | Â | 4,694 | Â | 8,519 |
| Group share | 4,806 | 8,581 | ||
| Non-controlling interests | (112) | (62) |
| Â | Â | Â | Â | |||||
| Â | ||||||||
| CONSOLIDATED BALANCE SHEET | ||||||||
| TOTAL | ||||||||
| Â | ||||||||
| Â | ||||||||
| (M$) | Â |
June 30, (unaudited) |
 |
March 31, (unaudited) |
 |
December 31, Â |
 |
June 30, (unaudited) |
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 24,562 | 24,502 | 14,587 | 14,119 | ||||
| Property, plant and equipment, net | 114,047 | 116,181 | 109,397 | 112,659 | ||||
| Equity affiliates : investments and loans | 22,443 | 22,332 | 22,103 | 21,705 | ||||
| Other investments | 1,396 | 1,710 | 1,727 | 1,483 | ||||
| Non-current financial assets | 967 | 1,154 | 679 | 558 | ||||
| Deferred income taxes | 5,348 | 5,519 | 5,206 | 4,981 | ||||
| Other non-current assets | Â | 3,384 | Â | 3,633 | Â | 3,984 | Â | 4,411 |
| Total non-current assets | Â | 172,147 | Â | 175,031 | Â | 157,683 | Â | 159,916 |
| Current assets | ||||||||
| Inventories, net | 18,392 | 17,006 | 16,520 | 14,273 | ||||
| Accounts receivable, net | 16,974 | 17,774 | 14,893 | 12,923 | ||||
| Other current assets | 14,408 | 14,824 | 14,210 | 14,034 | ||||
| Current financial assets | 3,609 | 2,289 | 3,393 | 3,618 | ||||
| Cash and cash equivalents | 26,475 | 30,092 | 33,185 | 28,720 | ||||
| Assets classified as held for sale | Â | - | Â | - | Â | 2,747 | Â | 421 |
| Total current assets | Â | 79,858 | Â | 81,985 | Â | 84,948 | Â | 73,989 |
| Total assets | 252,005 | 257,016 | 242,631 | 233,905 | ||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 8,305 | 8,207 | 7,882 | 7,797 | ||||
| Paid-in surplus and retained earnings | 121,896 | 120,559 | 112,040 | 110,305 | ||||
| Currency translation adjustment | (9,764) | (6,413) | (7,908) | (10,314) | ||||
| Treasury shares | Â | (2,462) | Â | (1,166) | Â | (458) | Â | (600) |
| Total shareholders' equity - Group share | Â | 117,975 | Â | 121,187 | Â | 111,556 | Â | 107,188 |
| Non-controlling interests | Â | 2,288 | Â | 2,499 | Â | 2,481 | Â | 2,772 |
| Total shareholders' equity | Â | 120,263 | Â | 123,686 | Â | 114,037 | Â | 109,960 |
| Non-current liabilities | ||||||||
| Deferred income taxes | 11,969 | 11,943 | 10,828 | 10,920 | ||||
| Employee benefits | 3,329 | 3,796 | 3,735 | 4,127 | ||||
| Provisions and other non-current liabilities | 18,807 | 19,268 | 15,986 | 16,924 | ||||
| Non-current financial debt | Â | 38,362 | Â | 40,257 | Â | 41,340 | Â | 41,548 |
| Total non-current liabilities | Â | 72,467 | Â | 75,264 | Â | 71,889 | Â | 73,519 |
| Current liabilities | ||||||||
| Accounts payable | 25,021 | 24,836 | 26,479 | 21,914 | ||||
| Other creditors and accrued liabilities | 17,792 | 17,952 | 17,779 | 14,862 | ||||
| 15,659 | 14,909 | 11,096 | 13,070 | |||||
| Other current financial liabilities | 803 | 369 | 245 | 241 | ||||
| Liabilities directly associated with the assets classified as held for sale | Â | - | Â | - | Â | 1,106 | Â | 339 |
| Total current liabilities | Â | 59,275 | Â | 58,066 | Â | 56,705 | Â | 50,426 |
| Total liabilities & shareholders' equity | 252,005 | 257,016 | 242,631 | 233,905 |
| Â | Â | Â | ||||
| Â | ||||||
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
2nd quarter
2018 |
 |
1st quarter
2018 |
 |
2nd quarter
2017 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 3,634 | 2,649 | 2,027 | |||
| Depreciation, depletion, amortization and impairment | 3,508 | 3,046 | 2,930 | |||
| Non-current liabilities, valuation allowances and deferred taxes | 35 | 114 | (50) | |||
| (Gains) losses on disposals of assets | (148) | (125) | (151) | |||
| Undistributed affiliates' equity earnings | (298) | (259) | 501 | |||
| (Increase) decrease in working capital | (856) | (3,222) | (268) | |||
| Other changes, net | Â | 371 | Â | (122) | Â | (349) |
| Cash flow from operating activities | 6,246 | 2,081 | 4,640 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (3,513) | (5,665) | (3,323) | |||
| Acquisitions of subsidiaries, net of cash acquired | 12 | (726) | (6) | |||
| Investments in equity affiliates and other securities | (146) | (162) | (433) | |||
| Increase in non-current loans | Â | (140) | Â | (171) | Â | (443) |
| Total expenditures | (3,787) | (6,724) | (4,205) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 304 | 1,978 | 74 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | (7) | 3 | - | |||
| Proceeds from disposals of non-current investments | 396 | 188 | 133 | |||
| Repayment of non-current loans | Â | 581 | Â | 416 | Â | 153 |
| Total divestments | Â | 1,274 | Â | 2,585 | Â | 360 |
| Cash flow used in investing activities | (2,513) | (4,139) | (3,845) | |||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 473 | 9 | 406 | |||
| - Treasury shares | (1,182) | (558) | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (2,692) | (1,516) | (1,462) | |||
| - Non-controlling interests | (72) | (12) | (61) | |||
| Issuance of perpetual subordinated notes | - | - | - | |||
| Payments on perpetual subordinated notes | (116) | (150) | (90) | |||
| Other transactions with non-controlling interests | - | - | - | |||
| Net issuance (repayment) of non-current debt | 52 | (2,480) | 290 | |||
| Increase (decrease) in current borrowings | (738) | 1,707 | (1,167) | |||
| Increase (decrease) in current financial assets and liabilities | (1,779) | 1,155 | 979 | |||
| Cash flow used in financing activities | Â | (6,054) | Â | (1,845) | Â | (1,105) |
| Net increase (decrease) in cash and cash equivalents | (2,321) | (3,903) | (310) | |||
| Effect of exchange rates | (1,296) | 810 | 1,504 | |||
| Â | Â | 30,092 | Â | 33,185 | Â | 27,526 |
| Cash and cash equivalents at the end of the period | Â | 26,475 | Â | 30,092 | Â | 28,720 |
| Â | Â | |||
| Â | ||||
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) | Â |
1st half
2018 |
 |
1st half
2017 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 6,283 | 4,806 | ||
| Depreciation, depletion, amortization and impairment | 6,554 | 7,590 | ||
| Non-current liabilities, valuation allowances and deferred taxes | 149 | (247) | ||
| (Gains) losses on disposals of assets | (273) | (2,383) | ||
| Undistributed affiliates' equity earnings | (557) | 206 | ||
| (Increase) decrease in working capital | (4,078) | (322) | ||
| Other changes, net | Â | 249 | Â | (309) |
| Cash flow from operating activities | 8,327 | 9,341 | ||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Intangible assets and property, plant and equipment additions | (9,178) | (6,001) | ||
| Acquisitions of subsidiaries, net of cash acquired | (714) | (325) | ||
| Investments in equity affiliates and other securities | (308) | (956) | ||
| Increase in non-current loans | Â | (311) | Â | (601) |
| Total expenditures | (10,511) | (7,883) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 2,282 | 80 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | (4) | 2,696 | ||
| Proceeds from disposals of non-current investments | 584 | 142 | ||
| Repayment of non-current loans | Â | 997 | Â | 340 |
| Total divestments | Â | 3,859 | Â | 3,258 |
| Cash flow used in investing activities | (6,652) | (4,625) | ||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 482 | 421 | ||
| - Treasury shares | (1,740) | - | ||
| Dividends paid: | ||||
| - Parent company shareholders | (4,208) | (2,000) | ||
| - Non-controlling interests | (84) | (76) | ||
| Issuance of perpetual subordinated notes | - | - | ||
| Payments on perpetual subordinated notes | (266) | (219) | ||
| Other transactions with non-controlling interests | - | - | ||
| Net issuance (repayment) of non-current debt | (2,428) | 346 | ||
| Increase (decrease) in current borrowings | 969 | (2,580) | ||
| Increase (decrease) in current financial assets and liabilities | (624) | 1,637 | ||
| Cash flow used in financing activities | Â | (7,899) | Â | (2,471) |
| Net increase (decrease) in cash and cash equivalents | (6,224) | 2,245 | ||
| Effect of exchange rates | (486) | 1,878 | ||
| Â | Â | 33,185 | Â | 24,597 |
| Cash and cash equivalents at the end of the period | Â | 26,475 | Â | 28,720 |
| Â | Â | Â | Â | |||||||||||||||
| Â | ||||||||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| TOTAL | Â | Â | Â | Â | Â | |||||||||||||
| (unaudited) | ||||||||||||||||||
| Â | ||||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||
| Common shares issued |
Paid-in |
Currency |
Treasury shares |
Shareholders  |
Non- |
Total |
||||||||||||
| (M$) | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Â |
| As of January 1, 2017 | Â | 2,430,365,862 | Â | 7,604 | Â | 105,547 | Â | (13,871) | Â | (10,587,822) | Â | (600) | Â | 98,680 | Â | 2,894 | Â | 101,574 |
| Net income of the first half 2017 | - | - | 4,886 | - | - | - | 4,886 | (80) | 4,806 | |||||||||
| Other comprehensive Income | - | - | 138 | 3,557 | - | - | 3,695 | 18 | 3,713 | |||||||||
| Comprehensive Income | - | - | 5,024 | 3,557 | - | - | 8,581 | (62) | 8,519 | |||||||||
| Dividend | - | - | (3,297) | - | - | - | (3,297) | (76) | (3,373) | |||||||||
| Issuance of common shares | 71,170,026 | 193 | 3,103 | - | - | - | 3,296 | - | 3,296 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 4,000 | - | - | - | - | |||||||||
| Share-based payments | - | - | 74 | - | - | - | 74 | - | 74 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (142) | - | - | - | (142) | - | (142) | |||||||||
| Other operations with non-controlling interests | - | - | (7) | - | - | - | (7) | 7 | - | |||||||||
| Other items | - | - | 3 | - | - | - | 3 | 9 | 12 | |||||||||
| As of June 30, 2017 | Â | 2,501,535,888 | Â | 7,797 | Â | 110,305 | Â | (10,314) | Â | (10,583,822) | Â | (600) | Â | 107,188 | Â | 2,772 | Â | 109,960 |
| Net income from July 1 to December 31, 2017 | - | - | 3,745 | - | - | - | 3,745 | (252) | 3,493 | |||||||||
| Other comprehensive Income | - | - | 580 | 2,406 | - | - | 2,986 | 26 | 3,012 | |||||||||
| Comprehensive Income | - | - | 4,325 | 2,406 | - | - | 6,731 | (226) | 6,505 | |||||||||
| Dividend | - | - | (3,695) | - | - | - | (3,695) | (65) | (3,760) | |||||||||
| Issuance of common shares | 27,453,728 | 85 | 1,328 | - | - | - | 1,413 | - | 1,413 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| - | - | (142) | - | 2,207,066 | 142 | - | - | - | ||||||||||
| Share-based payments | - | - | 77 | - | - | - | 77 | - | 77 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (160) | - | - | - | (160) | - | (160) | |||||||||
| Other operations with non-controlling interests | - | - | (1) | - | - | - | (1) | (3) | (4) | |||||||||
| Other items | - | - | 3 | - | - | - | 3 | 3 | 6 | |||||||||
| As of December 31, 2017 | Â | 2,528,989,616 | Â | 7,882 | Â | 112,040 | Â | (7,908) | Â | (8,376,756) | Â | (458) | Â | 111,556 | Â | 2,481 | Â | 114,037 |
| Net income of the first half 2018 | - | - | 6,357 | - | - | - | 6,357 | (74) | 6,283 | |||||||||
| Other comprehensive Income | - | - | 305 | (1,856) | - | - | (1,551) | (38) | (1,589) | |||||||||
| Comprehensive Income | - | - | 6,662 | (1,856) | - | - | 4,806 | (112) | 4,694 | |||||||||
| Dividend | - | - | (4,070) | - | - | - | (4,070) | (84) | (4,154) | |||||||||
| Issuance of common shares | 136,887,716 | 423 | 7,270 | - | - | - | 7,693 | - | 7,693 | |||||||||
| Purchase of treasury shares | - | - | - | - | (33,056,514) | (2,004) | (2,004) | - | (2,004) | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 3,450 | - | - | - | - | |||||||||
| Share-based payments | - | - | 192 | - | - | - | 192 | - | 192 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (161) | - | - | - | (161) | - | (161) | |||||||||
| Other operations with non-controlling interests | - | - | (4) | - | - | - | (4) | 4 | - | |||||||||
| Other items | - | - | (33) | - | - | - | (33) | (1) | (34) | |||||||||
| As of June 30, 2018 | Â | 2,665,877,332 | Â | 8,305 | Â | 121,896 | Â | (9,764) | Â | (41,429,820) | Â | (2,462) | Â | 117,975 | Â | 2,288 | Â | 120,263 |
| Â | ||||||||||||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||||
| Â | ||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2018
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 3,398 | 3,268 | 23,349 | 22,528 | (3) | - | 52,540 | |||||||
| Intersegment sales | 7,793 | 430 | 9,440 | 293 | (63) | (17,893) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (867) | Â | (5,571) | Â | - | Â | - | Â | (6,438) |
| Revenues from sales | 11,191 | 3,698 | 31,922 | 17,250 | (66) | (17,893) | 46,102 | |||||||
| Operating expenses | (4,934) | (3,570) | (30,369) | (16,416) | -1.22E+02 | 17,893 | (37,518) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,484) | Â | (464) | Â | (304) | Â | (172) | Â | (11) | Â | - | Â | (3,435) |
| Operating income | 3,773 | (336) | 1,249 | 662 | (199) | - | 5,149 | |||||||
| Net income (loss) from equity affiliates and other items | 569 | 128 | 289 | 107 | 11 | - | 1,104 | |||||||
| Tax on net operating income | Â | (1,772) | Â | (19) | Â | (279) | Â | (194) | Â | 85 | Â | - | Â | (2,179) |
| Net operating income | 2,570 | (227) | 1,259 | 575 | (103) | - | 4,074 | |||||||
| Net cost of net debt | (440) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 87 |
| Net income - group share | 3,721 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2018 (adjustments) (a)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | 24 | - | - | - | - | 24 | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | 24 | - | - | - | - | 24 | |||||||
| Operating expenses | (97) | (9) | 569 | 134 | - | - | 597 | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | - | Â | (424) | Â | - | Â | - | Â | - | Â | - | Â | (424) |
| Operating income (b) | (97) | (409) | 569 | 134 | - | - | 197 | |||||||
| Net income (loss) from equity affiliates and other items | (66) | (4) | 46 | 1 | - | - | (23) | |||||||
| Tax on net operating income | Â | 46 | Â | (7) | Â | (177) | Â | (38) | Â | - | Â | - | Â | (176) |
| Net operating income (b) | (117) | (420) | 438 | 97 | - | - | (2) | |||||||
| Net cost of net debt | (9) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 179 |
| Net income - group share | 168 | |||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
||||||||||||||
| On operating income | - | - | 569 | 134 | - | |||||||||
| On net operating income | - | - | 438 | 97 | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2018 (adjusted)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 |
Corporate |
 | Intercompany |  | Total |
| Non-Group sales | 3,398 | 3,244 | 23,349 | 22,528 | (3) | - | 52,516 | |||||||
| Intersegment sales | 7,793 | 430 | 9,440 | 293 | (63) | (17,893) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (867) | Â | (5,571) | Â | - | Â | - | Â | (6,438) |
| Revenues from sales | 11,191 | 3,674 | 31,922 | 17,250 | (66) | (17,893) | 46,078 | |||||||
| (4,837) | (3,561) | (30,938) | (16,550) | (122) | 17,893 | (38,115) | ||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,484) | Â | (40) | Â | (304) | Â | (172) | Â | (11) | Â | - | Â | (3,011) |
| Adjusted operating income | 3,870 | 73 | 680 | 528 | (199) | - | 4,952 | |||||||
| Net income (loss) from equity affiliates and other items | 635 | 132 | 243 | 106 | 11 | - | 1,127 | |||||||
| Tax on net operating income | Â | (1,818) | Â | (12) | Â | (102) | Â | (156) | Â | 85 | Â | - | Â | (2,003) |
| Adjusted net operating income | 2,687 | 193 | 821 | 478 | (103) | - | 4,076 | |||||||
| Net cost of net debt | (431) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (92) |
| Adjusted net income - group share | 3,553 | |||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2018
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | 2,980 | 79 | 404 | 310 | 14 | - | 3,787 | |||||||
| Total divestments | 500 | 405 | 324 | 45 | - | - | 1,274 | |||||||
| Cash flow from operating activities (*) | Â | 4,628 | Â | 104 | Â | 999 | Â | 841 | Â | (326) | Â | - | Â | 6,246 |
| Â | ||||||||||||||
| (*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||||
| Â | ||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2018
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 |
Corporate |
 | Intercompany |  | Total |
| Non-Group sales | 2,467 | 4,091 | 21,739 | 21,308 | 6 | - | 49,611 | |||||||
| Intersegment sales | 6,924 | 468 | 7,956 | 198 | 97 | (15,643) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (847) | Â | (5,472) | Â | - | Â | - | Â | (6,319) |
| Revenues from sales | 9,391 | 4,559 | 28,848 | 16,034 | 103 | (15,643) | 43,292 | |||||||
| Operating expenses | (4,045) | (4,526) | (27,879) | (15,503) | -2.77E+02 | 15,643 | (36,587) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,350) | Â | (70) | Â | (313) | Â | (174) | Â | (9) | Â | - | Â | (2,916) |
| Operating income | 2,996 | (37) | 656 | 357 | (183) | - | 3,789 | |||||||
| Net income (loss) from equity affiliates and other items | 641 | 34 | 128 | 86 | (2) | - | 887 | |||||||
| Tax on net operating income | Â | (1,550) | Â | (15) | Â | (104) | Â | (103) | Â | 96 | Â | - | Â | (1,676) |
| Net operating income | 2,087 | (18) | 680 | 340 | (89) | - | 3,000 | |||||||
| Net cost of net debt | (351) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (13) |
| Net income - group share | 2,636 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2018 (adjustments) (a)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | (11) | - | - | - | - | (11) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | (11) | - | - | - | - | (11) | |||||||
| Operating expenses | (53) | (92) | (38) | (29) | (9) | - | (221) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | - | Â | (22) | Â | - | Â | - | Â | - | Â | - | Â | (22) |
| Operating income (b) | (53) | (125) | (38) | (29) | (9) | - | (254) | |||||||
| Net income (loss) from equity affiliates and other items | (101) | (11) | (21) | (1) | - | - | (134) | |||||||
| Tax on net operating income | Â | 58 | Â | 3 | Â | 19 | Â | 3 | Â | - | Â | - | Â | 83 |
| Net operating income (b) | (96) | (133) | (40) | (27) | (9) | - | (305) | |||||||
| Net cost of net debt | (10) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 67 |
| Net income - group share | (248) | |||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
||||||||||||||
| On operating income | - | - | (38) | (29) | - | |||||||||
| On net operating income | - | - | (23) | (27) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2018 (adjusted)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 2,467 | 4,102 | 21,739 | 21,308 | 6 | - | 49,622 | |||||||
| Intersegment sales | 6,924 | 468 | 7,956 | 198 | 97 | (15,643) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (847) | Â | (5,472) | Â | - | Â | - | Â | (6,319) |
| Revenues from sales | 9,391 | 4,570 | 28,848 | 16,034 | 103 | (15,643) | 43,303 | |||||||
| (3,992) | (4,434) | (27,841) | (15,474) | (268) | 15,643 | (36,366) | ||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,350) | Â | (48) | Â | (313) | Â | (174) | Â | (9) | Â | - | Â | (2,894) |
| Adjusted operating income | 3,049 | 88 | 694 | 386 | (174) | - | 4,043 | |||||||
| Net income (loss) from equity affiliates and other items | 742 | 45 | 149 | 87 | (2) | - | 1,021 | |||||||
| Tax on net operating income | Â | (1,608) | Â | (18) | Â | (123) | Â | (106) | Â | 96 | Â | - | Â | (1,759) |
| Adjusted net operating income | 2,183 | 115 | 720 | 367 | (80) | - | 3,305 | |||||||
| Net cost of net debt | (341) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (80) |
| Adjusted net income - group share | 2,884 | |||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2018
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 |
Corporate |
 | Intercompany |  | Total |
| Total expenditures | 5,871 | 249 | 332 | 228 | 44 | - | 6,724 | |||||||
| Total divestments | 2,251 | 78 | 25 | 228 | 3 | - | 2,585 | |||||||
| Cash flow from operating activities (*) | Â | 3,569 | Â | (179) | Â | (1,109) | Â | (60) | Â | (140) | Â | - | Â | 2,081 |
| Â | ||||||||||||||
| (*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||||
| Â | ||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2017
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 |
Corporate |
 | Intercompany |  | Total |
| Non-Group sales | 2,068 | 2,671 | 17,347 | 17,831 | (2) | - | 39,915 | |||||||
| Intersegment sales | 5,118 | 274 | 6,016 | 169 | 90 | (11,667) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (680) | Â | (4,753) | Â | - | Â | - | Â | (5,433) |
| Revenues from sales | 7,186 | 2,945 | 22,683 | 13,247 | 88 | (11,667) | 34,482 | |||||||
| Operating expenses | (3,547) | (2,857) | (21,918) | (12,729) | -3.19E+02 | 11,667 | (29,703) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,344) | Â | (40) | Â | (245) | Â | (158) | Â | (11) | Â | - | Â | (2,798) |
| Operating income | 1,295 | 48 | 520 | 360 | (242) | - | 1,981 | |||||||
| Net income (loss) from equity affiliates and other items | 487 | 13 | 148 | 258 | (6) | - | 900 | |||||||
| Tax on net operating income | Â | (512) | Â | (24) | Â | (142) | Â | (123) | Â | 214 | Â | - | Â | (587) |
| Net operating income | 1,270 | 37 | 526 | 495 | (34) | - | 2,294 | |||||||
| Net cost of net debt | (267) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10 |
| Net income - group share | 2,037 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2017 (adjustments) (a)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | (27) | - | - | - | - | (27) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | (27) | - | - | - | - | (27) | |||||||
| Operating expenses | (117) | (25) | (411) | (80) | (64) | - | (697) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (15) | Â | 1 | Â | - | Â | - | Â | - | Â | - | Â | (14) |
| Operating income (b) | (132) | (51) | (411) | (80) | (64) | - | (738) | |||||||
| Net income (loss) from equity affiliates and other items | (4) | (16) | (53) | 121 | - | - | 48 | |||||||
| Tax on net operating income | Â | 47 | Â | 9 | Â | 129 | Â | 21 | Â | 22 | Â | - | Â | 228 |
| Net operating income (b) | (89) | (58) | (335) | 62 | (42) | - | (462) | |||||||
| Net cost of net debt | (7) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 32 |
| Net income - group share | (437) | |||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
||||||||||||||
| On operating income | - | - | (372) | (54) | - | |||||||||
| On net operating income | - | - | (270) | (45) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2017 (adjusted)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 |
Corporate |
 | Intercompany |  | Total |
| Non-Group sales | 2,068 | 2,698 | 17,347 | 17,831 | (2) | - | 39,942 | |||||||
| Intersegment sales | 5,118 | 274 | 6,016 | 169 | 90 | (11,667) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (680) | Â | (4,753) | Â | - | Â | - | Â | (5,433) |
| Revenues from sales | 7,186 | 2,972 | 22,683 | 13,247 | 88 | (11,667) | 34,509 | |||||||
| (3,430) | (2,832) | (21,507) | (12,649) | (255) | 11,667 | (29,006) | ||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,329) | Â | (41) | Â | (245) | Â | (158) | Â | (11) | Â | - | Â | (2,784) |
| Adjusted operating income | 1,427 | 99 | 931 | 440 | (178) | - | 2,719 | |||||||
| Net income (loss) from equity affiliates and other items | 491 | 29 | 201 | 137 | (6) | - | 852 | |||||||
| Tax on net operating income | Â | (559) | Â | (33) | Â | (271) | Â | (144) | Â | 192 | Â | - | Â | (815) |
| Adjusted net operating income | 1,359 | 95 | 861 | 433 | 8 | - | 2,756 | |||||||
| Net cost of net debt | (260) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (22) |
| Adjusted net income - group share | 2,474 | |||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2017
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | 3,448 | 77 | 401 | 258 | 21 | - | 4,205 | |||||||
| Total divestments | 132 | 23 | 20 | 182 | 3 | - | 360 | |||||||
| Cash flow from operating activities (*) | Â | 2,836 | Â | (100) | Â | 1,967 | Â | 251 | Â | (314) | Â | - | Â | 4,640 |
| Â | ||||||||||||||
| (*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||||
| Â | ||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2018
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,865 | 7,359 | 45,088 | 43,836 | 3 | - | 102,151 | |||||||
| Intersegment sales | 14,717 | 898 | 17,396 | 491 | 34 | (33,536) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (1,714) | Â | (11,043) | Â | - | Â | - | Â | (12,757) |
| Revenues from sales | 20,582 | 8,257 | 60,770 | 33,284 | 37 | (33,536) | 89,394 | |||||||
| Operating expenses | (8,979) | (8,096) | (58,248) | (31,919) | -3.99E+02 | 33,536 | (74,105) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,834) | Â | (534) | Â | (617) | Â | (346) | Â | (20) | Â | - | Â | (6,351) |
| Operating income | 6,769 | (373) | 1,905 | 1,019 | (382) | - | 8,938 | |||||||
| Net income (loss) from equity affiliates and other items | 1,210 | 162 | 417 | 193 | 9 | - | 1,991 | |||||||
| Tax on net operating income | Â | (3,322) | Â | (34) | Â | (383) | Â | (297) | Â | 181 | Â | - | Â | (3,855) |
| Net operating income | 4,657 | (245) | 1,939 | 915 | (192) | - | 7,074 | |||||||
| Net cost of net debt | (791) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 74 |
| Net income - group share | 6,357 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2018 (adjustments) (a)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | 13 | - | - | - | - | 13 | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | 13 | - | - | - | - | 13 | |||||||
| Operating expenses | (150) | (101) | 531 | 105 | (9) | - | 376 | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | - | Â | (446) | Â | - | Â | - | Â | - | Â | - | Â | (446) |
| Operating income (b) | (150) | (534) | 531 | 105 | (9) | - | (57) | |||||||
| Net income (loss) from equity affiliates and other items | (167) | (15) | 25 | - | - | - | (157) | |||||||
| Tax on net operating income | Â | 104 | Â | (4) | Â | (158) | Â | (35) | Â | - | Â | - | Â | (93) |
| Net operating income (b) | (213) | (553) | 398 | 70 | (9) | - | (307) | |||||||
| Net cost of net debt | (19) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 246 |
| Net income - group share | (80) | |||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
||||||||||||||
| On operating income | - | - | 531 | 105 | - | |||||||||
| On net operating income | - | - | 415 | 70 | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2018 (adjusted)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,865 | 7,346 | 45,088 | 43,836 | 3 | - | 102,138 | |||||||
| Intersegment sales | 14,717 | 898 | 17,396 | 491 | 34 | (33,536) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (1,714) | Â | (11,043) | Â | - | Â | - | Â | (12,757) |
| Revenues from sales | 20,582 | 8,244 | 60,770 | 33,284 | 37 | (33,536) | 89,381 | |||||||
| (8,829) | (7,995) | (58,779) | (32,024) | (390) | 33,536 | (74,481) | ||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,834) | Â | (88) | Â | (617) | Â | (346) | Â | (20) | Â | - | Â | (5,905) |
| Adjusted operating income | 6,919 | 161 | 1,374 | 914 | (373) | - | 8,995 | |||||||
| Net income (loss) from equity affiliates and other items | 1,377 | 177 | 392 | 193 | 9 | - | 2,148 | |||||||
| Tax on net operating income | Â | (3,426) | Â | (30) | Â | (225) | Â | (262) | Â | 181 | Â | - | Â | (3,762) |
| Adjusted net operating income | 4,870 | 308 | 1,541 | 845 | (183) | - | 7,381 | |||||||
| Net cost of net debt | (772) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (172) |
| Adjusted net income - group share | 6,437 | |||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2018
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | 8,851 | 328 | 736 | 538 | 58 | - | 10,511 | |||||||
| Total divestments | 2,751 | 483 | 349 | 273 | 3 | - | 3,859 | |||||||
| Cash flow from operating activities (*) | Â | 8,197 | Â | (75) | Â | (110) | Â | 781 | Â | (466) | Â | - | Â | 8,327 |
| Â | ||||||||||||||
| (*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated. | ||||||||||||||
| Â | Â | Â | Â | Â | ||||||||||
| Â | ||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | Â | Â | ||||||||||||
| (unaudited) | ||||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2017
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 4,171 | 5,868 | 35,921 | 35,129 | 9 | - | 81,098 | |||||||
| Intersegment sales | 10,666 | 583 | 12,362 | 443 | 195 | (24,249) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (1,381) | Â | (9,142) | Â | - | Â | - | Â | (10,523) |
| Revenues from sales | 14,837 | 6,451 | 46,902 | 26,430 | 204 | (24,249) | 70,575 | |||||||
| Operating expenses | (7,234) | (6,326) | (44,796) | (25,394) | -5.52E+02 | 24,249 | (60,053) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (6,412) | Â | (112) | Â | (532) | Â | (302) | Â | (19) | Â | - | Â | (7,377) |
| Operating income | 1,191 | 13 | 1,574 | 734 | (367) | - | 3,145 | |||||||
| Net income (loss) from equity affiliates and other items | 677 | (32) | 2,601 | 288 | 16 | - | 3,550 | |||||||
| Tax on net operating income | Â | (951) | Â | (61) | Â | (498) | Â | (231) | Â | 385 | Â | - | Â | (1,356) |
| Net operating income | 917 | (80) | 3,677 | 791 | 34 | - | 5,339 | |||||||
| Net cost of net debt | (533) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 80 | ||
| Net income - group share | 4,886 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2017 (adjustments) (a)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | (27) | - | - | - | - | (27) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | (27) | - | - | - | - | (27) | |||||||
| Operating expenses | (117) | (114) | (354) | (95) | (64) | - | (744) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (1,869) | Â | (25) | Â | (50) | Â | - | Â | - | Â | - | Â | (1,944) |
| Operating income (b) | (1,986) | (166) | (404) | (95) | (64) | - | (2,715) | |||||||
| Net income (loss) from equity affiliates and other items | (214) | (79) | 2,156 | 126 | - | - | 1,989 | |||||||
| Tax on net operating income | Â | 376 | Â | 9 | Â | 41 | Â | 26 | Â | 22 | Â | - | Â | 474 |
| Net operating income (b) | (1,824) | (236) | 1,793 | 57 | (42) | - | (252) | |||||||
| Net cost of net debt | (14) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 120 | ||
| Net income - group share | (146) | |||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
||||||||||||||
| On operating income | - | - | (289) | (69) | - | |||||||||
| On net operating income | - | - | (212) | (50) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2017 (adjusted)
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 |
Corporate |
 | Intercompany |  | Total |
| Non-Group sales | 4,171 | 5,895 | 35,921 | 35,129 | 9 | - | 81,125 | |||||||
| Intersegment sales | 10,666 | 583 | 12,362 | 443 | 195 | (24,249) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (1,381) | Â | (9,142) | Â | - | Â | - | Â | (10,523) |
| Revenues from sales | 14,837 | 6,478 | 46,902 | 26,430 | 204 | (24,249) | 70,602 | |||||||
| (7,117) | (6,212) | (44,442) | (25,299) | (488) | 24,249 | (59,309) | ||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,543) | Â | (87) | Â | (482) | Â | (302) | Â | (19) | Â | - | Â | (5,433) |
| Adjusted operating income | 3,177 | 179 | 1,978 | 829 | (303) | - | 5,860 | |||||||
| Net income (loss) from equity affiliates and other items | 891 | 47 | 445 | 162 | 16 | - | 1,561 | |||||||
| Tax on net operating income | Â | (1,327) | Â | (70) | Â | (539) | Â | (257) | Â | 363 | Â | - | Â | (1,830) |
| Adjusted net operating income | 2,741 | 156 | 1,884 | 734 | 76 | - | 5,591 | |||||||
| Net cost of net debt | (519) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (40) | ||
| Adjusted net income - group share | 5,032 | |||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2017
(M$) |
 |
Exploration |
 |
Gas, |
 |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | 6,084 | 392 | 667 | 697 | 43 | - | 7,883 | |||||||
| Total divestments | 245 | 27 | 2,760 | 218 | 8 | - | 3,258 | |||||||
| Cash flow from operating activities (*) | Â | 5,637 | Â | 40 | Â | 3,729 | Â | 582 | Â | (647) | Â | - | Â | 9,341 |
|
 |
||||||||||||||
| (*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated. | ||||||||||||||
| Â | ||||||
| Â | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | ||||
| (unaudited) | ||||||
| Â | ||||||
| Â | ||||||
| Â | ||||||
|
2nd quarter 2018
(M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | 52,516 | 24 | 52,540 | |||
| Excise taxes | (6,438) | - | (6,438) | |||
| Revenues from sales | 46,078 | 24 | 46,102 | |||
| Purchases, net of inventory variation | (31,263) | 664 | (30,599) | |||
| Other operating expenses | (6,694) | (67) | (6,761) | |||
| Exploration costs | (158) | - | (158) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,011) | (424) | (3,435) | |||
| Other income | 254 | (2) | 252 | |||
| Other expense | (55) | (358) | (413) | |||
| Financial interest on debt | (469) | (9) | (478) | |||
| Financial income and expense from cash & cash equivalents | (54) | - | (54) | |||
| Cost of net debt | (523) | (9) | (532) | |||
| Other financial income | 321 | - | 321 | |||
| Other financial expense | (159) | - | (159) | |||
| Net income (loss) from equity affiliates | 766 | 337 | 1,103 | |||
| Income taxes | Â | (1,911) | Â | (176) | Â | (2,087) |
| Consolidated net income | 3,645 | (11) | 3,634 | |||
| Group share | 3,553 | 168 | 3,721 | |||
| Non-controlling interests | 92 | (179) | (87) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
| Â | ||||||
|
2nd quarter 2017
(M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | 39,942 | (27) | 39,915 | |||
| Excise taxes | (5,433) | - | (5,433) | |||
| Revenues from sales | 34,509 | (27) | 34,482 | |||
| Purchases, net of inventory variation | (22,939) | (459) | (23,398) | |||
| Other operating expenses | (5,868) | (238) | (6,106) | |||
| Exploration costs | (199) | - | (199) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,784) | (14) | (2,798) | |||
| Other income | 206 | 364 | 570 | |||
| Other expense | (58) | (48) | (106) | |||
| Financial interest on debt | (338) | (7) | (345) | |||
| Financial income and expense from cash & cash equivalents | (37) | - | (37) | |||
| Cost of net debt | (375) | (7) | (382) | |||
| Other financial income | 285 | - | 285 | |||
| Other financial expense | (159) | - | (159) | |||
| Net income (loss) from equity affiliates | 578 | (268) | 310 | |||
| Â | Â | (700) | Â | 228 | Â | (472) |
| Consolidated net income | 2,496 | (469) | 2,027 | |||
| Group share | 2,474 | (437) | 2,037 | |||
| Non-controlling interests | 22 | (32) | (10) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited) | ||||||
| Â | ||||||
|
1st half 2018
(M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | 102,138 | 13 | 102,151 | |||
| Excise taxes | (12,757) | - | (12,757) | |||
| Revenues from sales | 89,381 | 13 | 89,394 | |||
| Purchases, net of inventory variation | (60,623) | 578 | (60,045) | |||
| Other operating expenses | (13,496) | (202) | (13,698) | |||
| Exploration costs | (362) | - | (362) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,905) | (446) | (6,351) | |||
| Other income | 628 | 147 | 775 | |||
| Other expense | (115) | (488) | (603) | |||
| Financial interest on debt | (849) | (19) | (868) | |||
| Financial income and expense from cash & cash equivalents | (95) | - | (95) | |||
| Cost of net debt | (944) | (19) | (963) | |||
| Other financial income | 561 | - | 561 | |||
| Other financial expense | (329) | - | (329) | |||
| Net income (loss) from equity affiliates | 1,403 | 184 | 1,587 | |||
| Income taxes | Â | (3,590) | Â | (93) | Â | (3,683) |
| Consolidated net income | 6,609 | (326) | 6,283 | |||
| Group share | 6,437 | (80) | 6,357 | |||
| Non-controlling interests | 172 | (246) | (74) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
| Â | ||||||
|
1st half 2017
(M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | 81,125 | (27) | 81,098 | |||
| Excise taxes | (10,523) | - | (10,523) | |||
| Revenues from sales | 70,602 | (27) | 70,575 | |||
| Purchases, net of inventory variation | (46,929) | (456) | (47,385) | |||
| Other operating expenses | (11,984) | (288) | (12,272) | |||
| Exploration costs | (396) | - | (396) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,433) | (1,944) | (7,377) | |||
| Other income | 314 | 2,581 | 2,895 | |||
| Other expense | (116) | (281) | (397) | |||
| Financial interest on debt | (662) | (14) | (676) | |||
| Financial income and expense from cash & cash equivalents | (48) | - | (48) | |||
| Cost of net debt | (710) | (14) | (724) | |||
| Other financial income | 513 | - | 513 | |||
| Other financial expense | (319) | - | (319) | |||
| Net income (loss) from equity affiliates | 1,169 | (311) | 858 | |||
| Â | Â | (1,639) | Â | 474 | Â | (1,165) |
| Consolidated net income | 5,072 | (266) | 4,806 | |||
| Group share | 5,032 | (146) | 4,886 | |||
| Non-controlling interests | 40 | (120) | (80) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
Total
Media Relations:
+33 1 47 44 46 99
presse@total.com
@TotalPress
or
Investors
Relations:
+44 (0)207 719 7962
ir@total.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180726005376/en/
Latest directors dealings
- 1 hour ago Tertiary Minerals
- 1 hour ago Hargreaves Services
- 14 hours ago ASOS
- 15 hours ago MJ Gleeson
- 15 hours ago Rolls-Royce Holdings